Why Should Buyers Enter the Market Now?
Five reasons why now is still a great time to buy a home in our area.
Have you seen some negative headlines from news outlets about our housing market? It’s true that our market is shifting, but I’m not sure that things are as bad as some people make them out to be. The reality is that whether or not now is a good time to make a move comes down to your specific situation. That being said, I believe now is a fantastic time to purchase a home, and I’ll share five reasons why:
Prices aren’t likely to fall in D.C.
There is less competition. More buyers have left our market as it shifted, which means fewer bidding wars, easier negotiations, and smaller premiums. You can likely even get a home inspection, which wasn’t practical when the market was crazy hot.
More availability. Inventory has increased recently, so you have a better chance of finding your dream home. Before, you may have had to settle for a house you didn’t truly love. Now, you can take your time and find something you’ll enjoy for years.
Prices likely won’t fall in Washington D.C. It’s true that prices might fall in some areas across the country, but I don’t think D.C. is one of them. The desire to own a home isn’t going away, and rent prices are increasing. This will push more people to own a home and keep values high.
Mortgages can be refinanced. Mortgage rates are higher now than they have been for a while, but they probably won’t stay this high forever. You can buy now when there’s less competition, then refinance later when rates fall. Refinancing usually only costs 1% of the total sales price, but it can save you a ton of money in the long run.
Renting will always net you 100% negative equity. Your rent is going towards someone else’s mortgage anyways; wouldn’t you like to build your own wealth instead?
If you have questions about today’s topic or anything else related to real estate, please call or email me. I am always willing to help!